Republican members of the House Financial Services Committee urged banking regulators to withdraw their Basel III Endgame proposal. The legislators argued that, as issued, the proposal "lacks justification, lacks rigorous quantitative analysis, and is procedurally flawed."
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The House Financial Services Committee, Subcommittee on Financial Institutions and Monetary Policy, considered testimony on whether the Federal Reserve should limit or expand its function as lender of last resort.
House Financial Services Committee Chair Patrick McHenry (R-NC) and Subcommittee Chair Andy Barr (R-KY) asked GAO to evaluate the role played by each federal banking agency in developing new capital standards consistent with the Basel Committee on Banking Supervision.
FDIC Vice Chair Travis Hill expressed concern that "an overreaction is underway" from regulators in response to the bank failures in March 2023.
Senate Banking Committee Member Thom Tillis (R-NC) joined by Republican committee members requested that the Federal Reserve Board publicly release materials pertaining to its "holistic review" of capital requirements and other supporting documentation ahead of any policy changes.